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TBRC’s research report covers general electronic components market trends, growth, market players and strategies, and so much more.
LONDON, May 17, 2022 /PRNewswire/ — Asia Pacific has the largest general electronic components market share, accounting for 29.4% of the total in 2021. It was followed by North America, Western Europe, and then the other regions. Going forward, the fastest-growing regions in the general electronic components market will be Africa and Middle East, where growth will be at CAGRs of 9.0% and 8.7% respectively. These will be followed by Asia Pacific and South America where the markets are expected to grow at CAGRs of 5.2% and 5.1% respectively, during 2021-2026.
The global general electronic components market size is expected to grow from $484.99 billion in 2021 to $541.95 billion in 2022 at a compound annual growth rate (CAGR) of 11.7%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The general electronic component market is expected to reach $805.88 billion in 2026 at a CAGR of 10.4%.
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IoT Boosts General Electronic Components Market Growth
An increase in the use of the internet of things (IoT) acts as a driving factor for the growth of the general electronic components market. IoT is experiencing a massive boom. IoT provides communication and connection between various devices such as fitness watches, smartphones, and smart meters. General electronic components such as resistors, transistors, capacitors, and diodes are used in making smart devices, sensors, and actuators that can interconnect with each other. According to Juniper Research, the global number of Industrial IoT will reach an estimated $344.7 billion by 2026 with a CAGR of 21% from 2021 to 2026. Thus, indicating a high demand for IoT devices, which will ultimately, drives the market for general electronic components during the forecast period.
General Electronic Components Market Competitive Landscape
The general electronic components market has been witnessing a rise in mergers and acquisitions. Merger and acquisition activity has been driven by slow revenue growth, forcing large companies to seek revenues from other sources. Many electronic components companies are also acquiring and merging with other entities to enter new areas of the value chain. For instance, in February 2022, Fusion Worldwide acquired Prosemi Mfg Pte Ltd, a large-scale electronic component test house in Singapore. With this acquisition, Fusion Worldwide has improved its product portfolio and enhanced its ability to sustain the highest levels of quality standards. Prosemi Mfg Pte Ltd provides manufacturing services and turnkey projects to semiconductor industries, CEMs (continuous emission monitoring systems) and electronics manufacturers.
The general electronic components market is highly fragmented, with a large number of small players. The top ten competitors in the market made up to 14.76% of the total market in 2020. Major players in the market are Murata Manufacturing Co., Ltd., STMicroelectronics, Infineon Technologies, TE Connectivity, TDK Corporation, Yageo Corporation, Amphenol Corporation, Vishay Intertechnology, Texas Instruments, Analog Devices, Inc.
General Electronic Components Market Opportunities
The top opportunities in the general electronic components market segmented by product type will arise in the electromechanical components segment, which will gain $28.4 billion of global annual sales by 2026. The top opportunities in the general electronic components market segmented by end use industry will arise in the other end users segment, segmented by sales will arise in the manufacturer/distributor/service provider segment. The general electronic components market size will gain the most in the USA region at $12.1 billion.
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